Latest on Regulation & Reform – Page 454
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News
Cyprus passes pension fund law
CYPRUS – Bringing it one step closer to meeting the EU pensions directive the island’s parliament passed a draft law “regarding the establishment, operation and supervision of pension funds,” Cyprus’ business newspaper Financial Mirror reports.
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News
Watson hires two for UK investment strategy team
UK - Watson Wyatt has made two new hires, from ABN Amro and the London Business School, for its investment strategy team.
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German regulator probes asset manager trading
GERMANY – Financial services watchdog BaFin has confirmed it has found evidence of insider trading in Porsche shares by a Frankfurt-based asset manager.
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Sweden mulls new pension admin body
SWEDEN – The Swedish government is to be presented with a proposal to set up a new authority to handle the administration of both the Premium Pension Authority (PPM) and the pay-as-you-go income related state pension.
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News
Publica vindicated over Swissfirst affair
SWITZERLAND – Publica, the CHF30bn (€19bn) pension fund for Swiss federal employees, says an external auditor’s report has cleared its employees of any wrongdoing in the Swissfirst affair.
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Dutch OPF calls for multifunds legislation
NETHERLANDS - Loek Sibbing, chairman of the Dutch Foundation for Company Pension Funds or OPF, has called on the government to ease legislation and enable the creation of “multifunds”.
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Austrian court rules on pension bond holdings
AUSTRIA – The Austrian constitutional court has ruled that companies no longer have to buy bonds to cover pension liabilities for second-pillar corporate pension arrangements.
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PensPlan’s Atzwanger critical of IORP
GERMANY – The EU pension fund directive will not spawn pan-European pension funds but rather induce funds to take a limited cross-border approach, says PensPlan’s Michael Atzwanger.
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UCITS pooling a model for pensions – EU
EUROPE – UCITS investment fund asset pooling techniques are a possible model for pension funds, according to the European Commission.
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Longevity hitting the bottom line, says BOE
UK – Higher pension contributions - due in part to increasing longevity - are starting to hit companies’ costs, says the Bank of England.
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EFAMA hits back over retirement account plan
GERMANY – EFAMA president Stefan Bichsel hit back at German criticism of the investment fund association’s proposed retirement account during the European Pension Fund Congress in Frankfurt today.
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UK to set up pensions ‘delivery authority’
UK – The UK government has confirmed it plans to set up a ‘delivery authority’ for pensions.
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PGGM closer to asset management-admin split
NETHERLANDS - The board of PGGM, the €74.4bn Dutch healthcare scheme, has officially decided to investigate the options of separating its asset management and administration from its pension fund.
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DNB announces new hedge fund directive
NETHERLANDS –De Nederlandsche Bank will implement a new directive for the risk management of investments in private equity and hedge funds, central bank president Nout Wellink has announced.
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Firms back auto-enrolment, UK government says
UK – The government says companies support auto-enrolment into personal pension accounts with auto enrolment.
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Icelandic regulator sees more pension mergers
ICELAND – The head of Iceland’s financial regulator says he expects more pension fund mergers – although they result in a greater concentration of risk.
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CEIOPS CONFERENCE: Siemens wary on IORP
GERMANY – Technology giant Siemens, which operates several pension funds across Europe, says that contrary to its goal, the EU directive on occupational pension funds will not enable it to create a single European vehicle.
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NAPF, Turner renew NPSS debate
UK – Lord Turner, the former chairman of the UK’s Pensions Commission, sought to defend his personal accounts idea against renewed criticism from the National Association of Pension Funds at a conference today.
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Features
Three steps to heaven
An increasingly broad fund offering has produced a potential nightmare for investors faced with comparing and assessing the tax, legal and regulatory frameworks. John Forbes advocates a structured approach
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Dutch driving licence office hit by pension crisis
NETHERLANDS – Some €12m in pension contributions have disappeared from the Dutch Central Driving License Office, the CBR, according to reports.
